"I have proudly served on the board of amfAR for more than 30 years, and as its Chairman for the last 14. During that time, we've raised hundreds of millions of dollars for groundbreaking research and public advocacy campaigns that continue to save lives across the globe," Cole said in a statement obtained by People.

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"With my support, the amfAR board has adopted a number of governance reforms that will ensure that the organization can continue to grow and make a meaningful impact. One of these is instituting term limits for Board members which is why I, along with 4 of my colleagues, have stepped down from the Board. In this interim, I will continue to serve as an Honorary Chairman and be part of the process for selecting a new and committed Chairman."

The resignation comes after months of controversies and calls for Cole to step down after revelations that he arranged for $600,000 of proceeds from a 2015 fundraising gala to be given directly to the American Repertory Theater, the same amount that Weinstein owed for a a trial production of Broadway-bound Finding Neverland, which he had produced.

Cole faced controversy for a deal he made with Harvey Weinstein in which he diverted proceeds from a charity gala to the movie mogul’s investors. (Pascal Le Segretain/Getty Images For amfAR)

The controversy was furthered last spring when Cole asked members of the board to sign a nondisclosure agreement, promising not to speak about Weinstein. In exchange, the now-disgraced Hollywood producer agreed to donate $1 million to the charity if everyone signed the NDA.

Four board members did not sign, saying they believed the actions were "in clear violation of their fiduciary duties to the organization."

The $600,000 donation was investigated by the New York Attorney General's Office, but no charges were filed.